market fragmentation and internalization. Market fragmentation is found to improve global and local liquidity, with spreads …-listed equities, this article compares global and local liquidity before and after MiFID and investigates how liquidity relates to … other factors than market fragmentation. The only harmful effect is that fragmentation may reduce market depth for small …

systems in Europe. It investigates the relationship between the trading activity of a crossing network (CN) and the liquidity … spreads are negatively related to CN executions. Risk-sharing benefits from CN trading dominate fragmentation and cream …

-listed equities, this article compares the consolidated liquidity of competing markets, also called global liquidity, and the local … liquidity of the primary exchang, before and after MiFID. It then investigates how liquidity measured by spreads and best …-quote depth relate to market fragmentation and internalization after MiFID. Market fragmentation is found to improve global and …

requirements, set by the exchange, provide public information on listed firms and contribute to a better liquidity on all trading …

This note is a reflection on the meaning and scope of segregation and socio-spatial fragmentation indicators and … of segregation or fragmentation, they must nevertheless themselves be put to the test of sociological reasoning. The …